Blockchain has raised $40 million of funding

Distributed database that is used to maintain a continuously growing list of records, called blocks.

One of the most popular online bitcoin wallet company has announced the completion of a successful series B funding round by raising $40 million. This is one of the largest investment rounds in the financial technology sector since Britain’s vote to leave the European Union.

About Blockchain

Blockchain is one of the oldest virtual currency businesses in industry. Founded in 2011 as an open-source project, now it is one of the biggest companies on the market. The platform had issues around 15 000 000 bitcoin wallets in over 140 countries.

We were impressed by Blockchain’s consistent market traction and dedication to building secure financial products for an increasing number of users.

Tom Hulme
General Partner, Google Ventures

New capital

Investisions will support global expansion and localization efforts as well as research and development of emerging digital assets.

The 14 trillion dollar financial services industry hasn’t meaningfully changed in over a century. Blockchain is on a mission to create a financial system that is faster, more inclusive, and radically different than the status quo.

Peter Smith
CEO and Co-Founder, Blockchain

Back in 2014, the company raised $30.5 million. That was the largest investment in the digital currency industry at that time.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs

22 February 2018
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German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.